Advertising For Mobile Home I Just Purchased
Hi all, I just purchased a really nice mobile home for 4800, I put about 1000 into it, and the lot rent each month is only 135. I was going to ask 425/mo for 48 mos and I would pay the lot rent out of that. I put an ad on craigs list a few days ago and only had 1 response. I read Lonnies Book, and did all the right things such as starting out with "Owner Wil Finance" Can some of the more seasoned pros on here give me some advice on some other marketing strategies when they write these ads??
Thanks but I never stated I was going to rent it. I would owner finance it at 425/mo for 48 mos and pay the lot rent out of that.
stangboy041376,
Glad to meet you.
What really helps when helping someone analyze their marketing is to see what their ad says. This way constructive input can be given.
John $Cash$ Locke
[addsig]
Also realize that if an experienced investor here mistook your intentions, your target market might also not have understood that they will own the home after 48 months- I had to reread it. Headline it "Own your home in only 48 months!"
Chris
My opening line is
"OWNER WILL FINANCE MOBILE HOME"
Here is a gorgeous 1989 Oakwood Mobile home that I am offering with owner financing. It has 2 bedrooms, 2 bathrooms, newer carpet and linoleum. I am looking for payments of around 450/mo and that will include the lot rent. The park is really nice, safe, and well managed. Please call me at ******** or email me if you have any other questions about the home
How is it illegal?? I am almost into it for 7500 and I am trying to double my money in 4 years? If they dont like my prices they can shop elsewhere.
For starters, never say ...The park is really nice, safe, and well managed... even if it is. Not good.
There is nothing unethical or illegal with me saying that. I am not asking for legal advice either, all I would like to know is how I can run an ad to have my phone ringing off the hook for this mobile home.
Mobile homes are very nice, but 1990 models or earlier really do come close to the un inhabitable range. Based on your price, i assumed this is an older model with window units and etc.
How did you resolve this situation?
[addsig]
Quote:
On 2008-08-02 20:05, stangboy041376 wrote:
Hi all, I just purchased a really nice mobile home for 4800, I put about 1000 into it, and the lot rent each month is only 135. I was going to ask 425/mo for 48 mos and I would pay the lot rent out of that. I put an ad on craigs list a few days ago and only had 1 response. I read Lonnies Book, and did all the right things such as starting out with "Owner Wil Finance" Can some of the more seasoned pros on here give me some advice on some other marketing strategies when they write these ads??
I will suggest you to choose craigslist, gumtree for the classifieds and other than this you can even send some classifieds to free classified sites also. One can even use social marketing sites for better marketing.
Thats easy. Sign a lease/purchase on the MH and land. Make sure to get at lease 15% upfront/down (if she defaults, then u will need that money).
The biggest problem u will have is insurance, most likely, if the property burns to the ground, it will not be covered unless owner-occupied for MHs.
sounds like a subject-to or warp-around might be used is I understand.
You can do it on a wrap around deed of trust. She pays you, you pay your underlying note.
Jim
Since you are willing to carry back a note, I suggest you do a little advertising and make an attempt to find a buyer with a better situation. Sell the home as close to the full fair market value as possible and get as much cash down as you can. If structured properly and you have enough equity in the home you may be able to sell the note for more than your underlying balance and keep the difference! Why settle for a poorly qualified buyer when you are willing to do the financing?
I think it is better to get financing done so that, it will be much better. I mean financing according to me is the better option.
Clearing all the details and managing it properly can be worth necessary and do help in making the things to grow.
Quote:
On 2008-09-20 12:15, rglover548 wrote:
Thats easy. Sign a lease/purchase on the MH and land. Make sure to get at lease 15% upfront/down (if she defaults, then u will need that money).
The biggest problem u will have is insurance, most likely, if the property burns to the ground, it will not be covered unless owner-occupied for MHs.
Yes, the same insurance problem happened with one of my client but due to MHs he got over from it and didnt find any problem afterwards.
If you sell it today for FMV, would you make money after RE commissions? How much could you rent it for today?
$500 appears to be the consensus.
you could try www.rentometer.com to verify ....regards, CWal
Thank you very much. Cool site!
I would not be overly concerned about renting it out. I have several that I rent and they seem to hold up fine. I know they are cheaply built and can get torn up a bit from tenants but they are very easy to fix as well. Most moho renters are not all that picky either.
Good luck either way.
I just had an offer on my property, but the buyer, a retiree and his wife, want me to finance it. Is this something that is better off passed by?
Actually, they want a straight purchase rather than a lease option. However, they later fessed up that they planned on renting the place out while making payments to me.
Quote:
On 2010-06-20 15:35, cwal wrote:
you could try http://www.rentometer.com to verify ....regards, CWal
I will have to go through this so that, I can better calculate and verify the amount. So that later, I can able to let my clients know about this.
I ended up owner financing the whole thing. Last time I buy a tin can!